Affymax (AFFY) "Significantly Undervalued"; Buy on Weakness -Baird

Robert W. Baird reiterates its Outperform rating and $25 price target on Affymax (Nasdaq: AFFY).

The firm said it would be "aggressive buyers of Affymax shares on any potential weakness today as last night's announced discontinuation of Hematide's development in oncology was fully expected. We have not, and do not model, any Hematide oncology revenue."

Today's weakness is the result of an Affymax and Takeda announcement
Baird points to "enrollment completion of the remaining Hematide Phase III trials by YE08" as a potential catalyst which could drive shares higher moving forward.

Notably, shares of Affymax are down nearly 13% from yesterday's close, most recently trading at $15.30. Based on this price, Baird's $25 price target represents potential upside of 63%..

Affymax, Inc., a biopharmaceutical company, engages in the development of peptide-based drug candidates to enhance the treatment of serious and life-threatening conditions.

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